An Upper East Side condop is changing up its sales strategy, less than a year after its completion.
Corcoran Sunshine is out at 1228 Madison Avenue, where it sold eight out of its 13 of the units. Sales and marketing are now falling to a Compass trio: the St. André Team, the Philip Scheinfeld Team and the brokerage’s Development Marketing Group.
Jim St. André, head of the eponymous team, said he “fell in love” with the Robert A.M. Stern-designed building after representing a buyer there in a sale.
The building was developed by CBSK Ironstate, a partnership of CB Developers, SK Development and Ironstate. Kelly Behun Studio designed the interiors.
The building, located one block from the Guggenheim Museum and Central Park, consists of 13 full-floor, duplex and triplex homes. Pricing for remaining residences starts at $7.35 million.
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St. André recorded $730 million in sales in 2021, largely over deals in the West Village, Chelsea, the Upper East Side and Nolita.
Scheinfeld, who has offices in New York City and Miami, has brokered more than $200 million in sales in the last two years. The team head predicted the Madison Avenue property would be “a grand slam” under the trio.
Compass Development Marketing Group has sold $14 billion in new development and rented 11,000 units across 35 buildings. The firm is no stranger to luxury residence sales on the Upper East Side, having worked with buildings such as 200 East 83rd Street, The Benson, The Bellemont and 150 East 78th Street.
In August 2021, the developers of 1228 Madison Avenue landed a $100 million refinance on the property. The new debt refinanced a $65 million construction loan provided by Deutsche Bank in 2019 and covered the project’s closing costs.